A former Nortel Networks executive wants the company to pay him up to $1 billion to cover any damages he might have to pay out in class-action lawsuits.
John Roth left with $130 million a few years ago, after leading the company in some of its most prosperous times in the late ‘90s. Earlier this month, according to CBC News, Roth filed a claim in bankruptcy court in the U.S., asking to have up to $1 billion of his assets covered in the event he were to be lose in court.
The suits in question were filed prior to the company’s ultimate demise. It was four years ago when Nortel workers in the U.S. first took the case to court, accusing the company of guiding employees into the company’s investment plan even though it knew its finances were heading into the tank.
The lawsuits have been on the backburner since Nortel filed for bankruptcy in January.